Major retailers are closing their stores in the US

Major retailers closing U.S. stores amid coronavirus outbreak

Major retailers are closing their stores in the US

Target Corp and Walmart said they are closing their stores across the U.S. as retailers already exhausted by the pandemic have been hit by looting and raids on point of sale..

All this is happening against the backdrop of the outbreak of protests in the country. Demonstrations escalated to violence in cities such as New York and Chicago after the death of a black man in Minneapolis George Floyd, killed by white police.

In Los Angeles, protests led to the ransacking of an Alexander McQueen clothing store, and graffiti with the slogan «eat rich».

In the nearby Grove mall, which houses 51 luxury brand and merchandise stores, Nordstrom, Ray Ban and Apple outlets have been destroyed. Nordstrom Inc also temporarily closed all of its stores..

«We hope to open our doors as soon as possible. After the pogroms, we are in the process of assessing the damage inflicted in order to then resume customer service», – the company says.

Major retailers are closing U.S. stores amid coronavirus outbreak

Apple Inc has followed the lead of its segment peers. It was announced yesterday that the corporation has temporarily suspended a number of its stores. It is not yet specified where and how many outlets are closed..

Target told Reuters that the Minneapolis Lake Street store is also shutting down. It is known that its opening is planned for the end of this year..

Major retailers are closing their stores in the US

«There is certainly a possibility that retail and restaurants will suffer as a result of social unrest. In turn, this will further weaken consumer and business sentiment. If the turmoil continues, it is possible that it will have a significant impact on the psychology of investors and the markets.», – said Robert Phipps, director Per Stirling. 

Amazon said it is closely monitoring the situation. «In several cities, we have adjusted the routes and delivery process to ensure the safety of our employees», – the company says.

U.S. retail sales have seen record declines as the new coronavirus pandemic forced Americans to stay at home, putting the economy on track for its biggest second-quarter contraction since the Great Depression in the 1930s..